Course details

To be successful in inventory management and control it, you should possess both technical and behavioral skills to manage the raw materials, Semi-finished and Finished products, calculating the cost of the inventory and using the control concept of prevention more than detection.

Program Contents

Inventory importance as part of the balance sheet

Inventory responsibilities and management

Inventory categories and types

Determining inventory levels

Essential calculations (EOQ) Economic Order Quantity

The 80/20 rule (ABC analysis)

inventory management, safety and cost reduction

Ways of handling the idle inventory

Methods of calculating the inventory

Prevention concept of controlling the inventory

Key Benefits

At the end of the program participants will be able to:

Enhance professional portfolio of technical skills by mastering the major concepts, terms, definitions, tools and techniques to for inventory management

Describe the concepts of inventory and its essential role in meeting customer expectations

Identify strategies for establishing efficient, effective, and sustainable inventory management to reduce time and cost

Explain the critical role of technology in managing inventory and related operations for a better flow of material